Altitude Group confirms unsolicited approach for Manchester-based business
By Michele Maatouk
Date: Thursday 15 Aug 2019
(Sharecast News) - Altitude Group confirmed on Thursday that it has received an unsolicited approach for its Manchester-based promotional product trade only supply business, AdProducts.com Limited (ADP).
"In recognition of the value potential of the US business and our increasing focus of management resources on AIMastermind (AIM) in the US, the board has decided to explore the potential divestment of ADP," it said.
Altitude said the ADP business has a reputation for speed of delivery and value pricing and its recently increased operational capacity will allow it to grow sales substantially. This make it an attractive proposition to USA and EU-based promotional product suppliers wishing to service market leading distributors in the UK, it said.
The company also announced that Gellan Watt will step down as a non-executive director at the end of the month "to focus on his other commitments". In recruiting a new non-exec, Altitude will focus on an individual with US experience.
Chief executive officer Nikki Stella said: "We have a clear focus on providing incredible services to our preferred supplier partners and members on the AIM platform, and subsequently growing our US business substantially.
"We therefore, following the receipt of the unsolicited approach for ADP, made the decision for the UK management team to explore the approach. Sale proceeds generated will be allocated to, and invested in, US growth and we will provide a further trading update on 5 September."
At 1315 BST, the shares were down 0.5% at 100p.
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